NSE NIFTY Analysis – Sept 04, 2010
NSE NIFTY Report –Sept 04, 2010
Technical Analysis
S&P CNX NIFTY closed down -6.750 at 5,479.400. Volume was 7% below average (neutral) and Bollinger Bands were 41% narrower than normal.
Technical Outlook
Short Term:Neutral
Intermediate Term:Bearish
Long Term:Bullish
- We are only interested in a long position.
- The momentum is up.
- The upward momentum is accelerating.
- If not already long this is a good place to look for a valid signal to buy.
Bharat Mudgal’s comments:
The market has been extremely range-bound. The possible reason seen on charts is that the momentum is neutral ( neither upward nor downward ). It is best to wait for a clear direction before we take any position now. The resistance on the upside is at 5515 and a move beyond this level will indicate further up move. On the downside, support is at 5450 > 5430. A close below 5430 might drag the NIFTY lower.
As of now, the charts indicate that the chances of downside are higher in the coming few days. There might be strong supply as the NIFTY moves close to 5500.
Stocks in Fresh Upward Momentum Stocks in Fresh Downward Momentum Security Name Close Volume Crucial Security Name Close Volume Crucial EIHAHOTELS 230 3654901 158.8922 HINDMOTOR 24.7 664024 24.8953 TATASTEEL 540.95 3572009 522.5364 BHEL 2386.25 429579 2452.16 ATLASCYCLE 279 1814788 234.9394 PATNI 450.75 331049 498.2182 JSWSTEEL 1164.25 766107 1132.345 SIEMENS 698.55 253603 707.1666 IPAVAVYD 107.55 634396 105.3833 PROVOGUE 60.95 198653 61.496 MANGCHEFER 38.35 604081 36.5078 COREPROTEC 279.3 481389 260.8214 USHAMART 88.55 220261 83.4508 MCDOWELL-N 1517.75 196870 1413.133
Category: Market Trend Report
About the Author (Author Profile)
I am the research analyst at stockMode Networks. If you have reached this website then you must be interested in the Indian Stock Markets. Explore the posts published here and feel free contact me at any time.Subscribe
If you enjoyed this article, subscribe to receive more just like it.
